ETF Research Center

The Franklin Liberty U.S. Low Volatility ETF is an actively-managed fund which seeks capital appreciation with lower volatility than the Russell 1000 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Franklin ETF Trust
Website	www.libertyshares.com
Inception date	Sep 20, 2016
Assets (mns)	$83
Currency	USD
Expense ratio	29 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	83
Wgt avg mkt cap (mns)	$180,778
Large cap (>$10bn)	98.7%
Mid cap ($2-10bn)	1.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	15.8 %
MICROSOFT CORP	1.6 %
MASTERCARD INC-CLASS A	1.6 %
INTUIT INC	1.6 %
VISA INC-CLASS A SHARES	1.6 %
APPLE INC	1.6 %
GLOBAL PAYMENTS INC	1.6 %
INTL BUSINESS MACHINES CORP	1.6 %
SYNOPSYS INC	1.5 %
AUTOMATIC DATA PROCESSING	1.5 %
CHARTER COMMUNICATIONS, INC. CLASS	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	91.2 %
	IRELAND	3.8 %
	BRITAIN	1.6 %
	CANADA	1.4 %
	SWITZERLAND	1.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.0%	24.4%	--	--	15.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	93%
MSCI EAFE	0.72	59%
MSCI Emg. Mkts.	0.46	42%

Technical Indicators
Recent close	$37.74
30d moving avg.	$39.40
Annualized volatility	10.4%
Short interest (ETF)	0.7%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	23
Turnover	1.1%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$51,075

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Franklin Liberty U.S. Low Volatility ETF ETF based on the alternatives' overlap in portfolio holdings with FLLV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FLLV

Expense:

29 bp

ALTAR Score™:

5.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FLLV
Ticker	Fund Name	Overlap¹ vs FLLV (%)	Expense ratio (bp)	Savings vs FLLV (bp)	ALTAR Score™ (%)	ALTAR vs FLLV (%)
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	50.0	19	10	6.6	+1.3
HUSV	First Trust Horizon Managed Volatility Domestic ETF	46.7	70	-41	4.9	-0.4
DEF	Invesco Defensive Equity ETF	46.2	55	-26	4.9	-0.4
FDLO	Fidelity Low Volatility Factor ETF	44.3	29	0	5.3	+0.0
USMV	iShares Edge MSCI Min Vol USA ETF	42.6	15	14	5.2	-0.1
EQWL	Invesco Russell Top 200 Equal Weight ETF	41.7	25	4	6.7	+1.4
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF	41.5	25	4	6.1	+0.8
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	39.9	12	17	5.6	+0.3
MGC	Vanguard Mega Cap Index Fund	39.5	7	22	5.9	+0.6
OEF	iShares S&P 100 ETF	39.5	20	9	5.7	+0.4
IWL	iShares Russell Top 200 ETF	39.3	15	14	5.8	+0.5
QUS	SPDR MSCI USA StrategicFactors ETF	38.5	15	14	6.1	+0.8
SNPE	Xtrackers S&P 500 ESG ETF	37.9	11	18	5.9	+0.6
LGLV	SPDR Russell 1000 Low Volatility ETF	37.9	12	17	5.2	-0.2
LVUS	Hartford Multifactor Low Volatility US Equity ETF	37.5	19	10	6.0	+0.7
FDMO	Fidelity Momentum Factor ETF	37.4	29	0	4.2	-1.1
SPXN	ProShares S&P 500 Ex-Financials ETF	36.8	27	2	5.9	+0.6
DGRO	iShares Core Dividend Growth ETF	36.4	8	21	6.8	+1.5
DLN	WisdomTree U.S. LargeCap Dividend Fund	36.4	28	1	6.9	+1.6
PFM	Invesco Dividend Achievers ETF	36.3	54	-25	5.5	+0.2

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Franklin Liberty U.S. Low Volatility ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.8	%
Divided by: Fwd. P/BV	3.2	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	5.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.